Change the browser if you are unable to view this Mcx Pivot Point Table

If you are Satisfied our FREE Web Service than Kindly Refer to Your Friend and Circles.

Today`s Free Power Level & Live Chart

(Disclaimer : The above chart shown is for study purpose only and not for trading decision)

Tuesday, August 7, 2012

Crude oil: Facing resistance

Crude oil had crossed the long-term falling trendline. However, it couldn’t sustain at the higher level and tumbled sharply from there. On the way down crude broke the long-term rising trendline. The wave structure shows that it has formed a five-wave decline and retraced the fall. It fell just short of the equality target for the pullback, ie $94.5. The key resistances are the 50% retracement mark, the 20-WMA and the 40-WEMA, ie $94. Unless these are crossed crude oil could resume the overall downtrend. On the downside the equality target would be $72.3.